Eligibility for Supplemental Retirement Benefits. (a) Subject to the terms of this Agreement, the Southern Parties shall pay to Employee (or if Payment continues, to Employee's designated beneficiary, as the case may be, in the event of Employee's death as described in Section 1(c) hereof) the supplemental retirement payment (the "Payment") described in Section 1(b) hereof (to be shared among the Southern Parties in such pro rata or other portions as set forth in Sections 1(e) and (f), 2 or 3 hereof).
Eligibility for Supplemental Retirement Benefits. (a) Subject to the terms of this Agreement, if the Employee remains employed with the Company until such time he has accrued five (5) years of vesting service (the “Service Requirement”) under The Southern Company Pension Plan (the “Pension Plan”), the Southern Parties shall pay to Employee (or if Payment continues, to Employee’s designated beneficiary, as the case may be, in the event of Employee’s death as described in Section 1(c) hereof) the supplemental retirement payment (the “Payment”) described in Section 1(b) hereof (to be shared among the Company, Southern and SCS in such pro rata portions as set forth in Sections 2 or 3 hereof). The Service Requirement shall not apply if the Employee is terminated under circumstances that result in eligibility for severance benefits under The Southern Company Executive Change in Control Severance Plan (“Change in Control Termination”). With respect to a Change in Control Termination only, the Employee shall be deemed to have accrued under this Agreement a vested deferred pension benefit (and not a retirement benefit) based on his actual age and service plus the service provided under Section 1(b)(i) below otherwise determined as more generally described in Section 1(b) below. For the avoidance of doubt, if the Service Requirement is satisfied before a Change in Control Termination, the Employee’s Payment under this Agreement shall be based on Employee’s actual age and service plus the service provided under Section 1(b)(i) below as otherwise determined as more generally described in Section 1(b) below.
Eligibility for Supplemental Retirement Benefits. (a) Subject to the terms of this Agreement, if the Employee remains employed with the Company for ten (10) years from the Effective Date (the “Service Requirement”), the Southern Parties shall pay to Employee (or if Payment continues, to Employee’s designated beneficiary, as the case may be, in the event of Employee’s death as described in Section 1(c) hereof) the supplemental retirement payment (the “Payment”) described in Section 1(b) hereof (to be shared among the Southern Parties in such pro rata portions as set forth in Sections 2 or 3 hereof). The Service Requirement shall not apply if the Employee is terminated under circumstances that result in eligibility for severance benefits under The Southern Company Executive Change in Control Severance Plan.
Eligibility for Supplemental Retirement Benefits. Notwithstanding anything in this Agreement to the contrary, no Supplemental Retirement Benefit shall be paid hereunder (and any Supplemental Retirement Benefit currently being paid to the Executive shall cease) if, in the sole opinion of the Compensation Committee, the Executive: (a) is discharged for causing harm to the Corporation (financial, reputation, or product), through: (i) an act or acts of personal dishonesty, (ii) conviction of a felony related to the Corporation, (iii) material violation of General Dynamics’ standards of business ethics and conduct, or (iv) individually filing, assisting or participating in a lawsuit against the Corporation, or (b) is subsequently employed either as an employee or an independent contractor (other than as a member of a law firm, a director on the board of directors of a charitable organization, or a director on the board of directors of a company that does not compete with the Corporation or any of its subsidiaries) without prior Compensation Committee approval which approval shall not be unreasonably withheld.”
Eligibility for Supplemental Retirement Benefits. If the Executive voluntarily terminates employment with the Corporation prior to October 1, 1999, no Supplemental Retirement Benefit shall be payable under the terms of this Retirement Benefit Agreement. This restriction shall not apply to any retirement benefits that may be payable under the Retirement Program. Subject to the restrictions enumerated in Section 5 below, if the Executive terminates employment on or after October 1, 1999, he shall receive a "Vested Percentage" of his Supplemental Retirement Benefit equal to twenty percent (20%), plus an additional twenty percent (20%) for each year of employment completed after September 30, 1999, until October 1, 2003, when the Executive's Vested Percentage shall equal one-hundred percent (100%). The Executive shall not receive credit for a partial year of employment towards his Vested Percentage.
Eligibility for Supplemental Retirement Benefits. If the Executive voluntarily terminates employment with the Corporation during his first six (6) years of employment, no Supplemental Retirement Benefit shall be payable under the terms of this Retirement Benefit Agreement. This restriction shall not apply to any retirement benefits that may be payable under the Retirement Program. Subject to the restrictions enumerated in the last paragraph of this Section 4, if the Executive terminates employment following completion of at least six (6) years of employment, the Executive shall be entitled to the Supplemental Retirement Benefit specified in Section 3 above.
